Xanadu Quantum Technologies Ltd. is a full-stack quantum computing company focused on building scalable, fault-tolerant quantum computers using photonics. Headquartered in Toronto, Canada, the company's distinctive approach utilizes light-based photonic integrated circuits, which offer potential advantages in scalability and networkability compared to superconducting or trapped-ion architectures. Xanadu's vertically integrated business model spans hardware manufacturing, software development, and algorithm research. The company generates revenue through a mix of professional services, research and development collaborations, quantum-compute-as-a-service (QCaaS) via cloud platforms, dedicated hardware system sales, and software subscriptions. Early revenues have been heavily concentrated in professional services and government-backed research contracts, with future growth tied to the commercialization of utility-scale quantum systems. A central pillar of Xanadu's strategy is its software ecosystem, anchored by PennyLane—an open-source Python library for quantum machine learning and differentiable programming that integrates seamlessly with classical AI frameworks. Geographically, Xanadu operates primarily out of Canada but serves a global enterprise and government client base, including partnerships with the U.S. Department of Energy, DARPA, and major corporations in the aerospace, automotive, and semiconductor sectors. The company operates in a highly competitive, capital-intensive industry, facing competition from both pure-play quantum startups and large, diversified technology conglomerates. By controlling both the photonic hardware and the modality-agnostic software platform, Xanadu aims to secure a leading competitive position in the race to deliver practical, real-world quantum computing applications.